In this exercise, you will create a monthly income statement, statement of owners equity, and balance sheet in Excel for Titan Industries.Access the proper file. $($Your starting file is intentionally blank.$)$ Using Project Grader: Download EA$2-$A$1-$FinancialStatements$-$eStart. Not using Project Grader: Open EA$2-$A$1-$FinancialStatements.With the exception of the William Buffalo, Capital, account $($the balance of which is from $11/1/2026),$ the company had the following account balances as of $11/30/2026$:Accounts Payable: $$3,500$ Repair Expense: $$2,500$Accounts Receivable: $$7,000$ Service Revenue: $$13,000$Building: $$13,000$ Supplies: $$1,000$Cash: $$19,000$ Supplies Expense: $$700$Equipment: $$10,000$ Utilities Expense: $$1,800$Office Expense: $$6,200$ William Buffalo, Capital $11/1/2026$: $$40,200$Notes Payable: $$5,000$ William Buffalo, Drawing: $$500$Set Up the WorkbookThroughout this course, the appropriate approach is the one described in the chapter and used in preceding exercise sections. If you arent given the exact text to enter, setting to make, or other detail, turn back to the chapter for a refresher. Three tabs$,$ one named for each financial statement and arranged in the order of completion $($Hint: For the statement name that wont fit, use the abbreviation O$.$E$.$ as part of the tab name.$)($PG$-1)$ Range A$1$:A$3($on each tab$)$: Enter the appropriate three$-$line header for the statement $(1.$ company name, $2.$ financial statement name, $3.$ date expressed in proper form$).($PG$-2$a$)$ Bold formatting and this fill color: $($PG$-2$b$)$ Merge and center the header rows across columns AD $($Income Statement$)$ or columns AC $($Statement of O$.$E$.,$ Balance Sheet$).($PG$-2$c$)$Income StatementLocation What to EnterCells A$5$ and D$5$ Revenue account name $($cell A$5)$ and amount $($cell D$5)($PG$-3$a$)$Cell A$7$ Header: Expenses: $($with the colon$)($PG$-3$b$)$Ranges B$8$:B$11$ and C$8$:C$11$In column B$,$ the expense account names $($largest to smallest$)$; in column C$,$ the amount for each expense account $($PG$-3$c$)$Cells A$12$ and D$12$ The header Total Expenses and the amount of total expenses $($PG$-3$d$)$Cells A$13$ and D$13$ Description Net Income or Net Loss $($choose the correct one$)$ and the amount of net income or net loss $($PG$-3$e$)$Formatting: Cells C$11,$ D$12,$ and D$13$: Apply the appropriate border. $($PG$-4$a$)$ Cell A$15$: Enter the text Office Expense was the largest expense for the month. and apply $10-$degree orientation. $($PG$-4$b$)$ Row $15$: Hide it$.($PG$-4$c$)$ Columns AD widths: $5,16,8,$ and $9,$ respectively $($PG$-4$d$)$ All amounts: Accounting number format, zero decimals $($PG$-4$e$)$Statement of Owners EquityLocation What to EnterCells A$5$ and C$5$ Beginning equity account name $($include date, as shown earlier$)$ and amount $($PG$-5$a$)$Cells A$6$ and C$6$ Description Net Income or Net Loss $($choose the correct one$)$ and the amount of net income or net loss $($PG$-5$b$)$Cell C$7$ Subtotal of cells C$5$ and C$6($PG$-5$c$)$Cells A$8$ and C$8$ Name of the appropriate account and its associated amount $($PG$-5$d$)$Cells A$9$ and C$9$ Ending equity account name $($include date$)$ and amount $($PG$-5$e$)$Formatting: Cells C$6,$ C$8,$ and C$9$: Apply the appropriate border. $($PG$-6$a$)$ Cells A$5$ and A$9$: Wrap the text to display the account names. $($PG$-6$b$)$ Columns AC widths: $25,2,$ and $9,$ respectively $($PG$-6$c$)$ Set a height of $29$ for the two rows requiring adjustment. $($PG$-6$d$)$ All amounts: Accounting number format, zero decimals $($PG$-6$e$)$Balance SheetLocation What to EnterCell A$5$ Header: Assets: $($PG$-7$a$)$Ranges A$6$:A$10$ and C$6$:C$10$In column A$,$ asset account names in order of liquidity $($Cash$,$ Accounts Receivable, Supplies, Equipment, Building$)$ and in column B$,$ the associated amounts $($PG$-7$b$)$Cells A$11$ and C$11$ The description Total Assets and its associated amount $($PG$-7$c$)$Remember to add the appropriate borders to cells C$10$ and C$11($PG$-7$d$),$ and to insert a line break where needed in the account name in cell A$7.($PG$-7$e$)$Location What to EnterCell A$13$ Header: Liabilities: $($PG$-8$a$)$Ranges A$14$:A$15$ and C$14$:C$15$In column A$,$ the liability account names $($short$-$ to long$-$term$)$; in column C$,$ the associated amounts $($PG$-8$b$)$Cells A$16$ and C$16$ The description Total Liabilities and its associated amount $($PG$-8$c$)$Cell A$18$ Header: Owners Equity: $($PG$-8$d$)$Cells A$19$ and C$19$ Equity account name $($no date$)$ and its amount $($PG$-8$e$)$Cell A$21$ and C$21$ The description Total Liabilities and Owners Equity and the associated amount $($PG$-8$f$)$Hint: In this instance, the order of liabilities from short$-$ to long$-$term is also the order from smallest to largest.Formatting: Cells A$19$ and A$21($account names$)$: Use Wrap Text $($PG$-9$a$)$ Cells C$15,$ C$19,$ and C$21$: Apply the appropriate border. $($PG$-9$b$)$ Ranges A$6$:A$10$ and A$14$:A$15,$ indent the account names one time. $($PG$-9$c$)$ Columns AC widths: $18,10,$ and $11,$ respectively $($PG$-9$d$)$ Set a height of $29$ for the three rows requiring adjustment. $($PG$-9$e$)$ All amounts: Accounting number format, zero decimals $($PG$-9$f$)$Save and close the file. Using Project Grader: Save the file as EA$2-$A$1-$FinancialStatements$-$eSubmission and attach it to the assignment you submit for grading. Not using Project Grader: Submit the file per your instructors guidelines.